UK investors 'frustrated' about pace of Aquino govt PPP — embassy official

A trade official of the United Kingdom said on Tuesday that some UK investors have been looking at other investment opportunities in Southeast Asia amid the lack of progress in the rollout of the public-private partnership (PPP) program of the Aquino administration.   Derek Page, director for trade and investments of the British embassy  revealed that "there is an understandable element of frustration among big companies in the UK  but they're waiting patiently. We try to convince them that it takes time to invest in the Philippines."   He said what is basically known about the PPP program so far is “a lot of talk and rhetorics” but lacking in details especially on timelines.   "We need visibility in the time scale so we can tell these British companies to wait patiently," Page said in Makati at the sidelines of the British embassy's forum on retail banking.   Given the pace of local PPP implementation, Page said investors have explored other public works and mass transport project in other countries like Indonesia, Vietnam and Singapore.   "It’s a question now of who is most organized in handling PPP projects and the Philippines is not quite ready as many government agencies do not want to let their projects out," Page said.   He said transparency may be lacking in some projects such as those of the Department of Transportation and Communication. — ELR, GMA News